EX-12 10 dex12.txt EXHIBIT 12 Exhibit 12 MARRIOTT INTERNATIONAL, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ($ in millions, except ratio)
Twenty-four weeks ended ------------------------------------------------ June 20, 2003 June 14, 2002 ---------------------- --------------------- Income from continuing operations before income taxes/(1)/ ...... $ 157 $ 251 Loss related to equity method investees ......................... 1 - ---------------------- --------------------- 158 251 Add/(deduct): Fixed charges ............................................ 85 87 Interest capitalized ..................................... (12) (23) Distributed income of equity method investees ............ 16 9 ---------------------- --------------------- Earnings available for fixed charges ............................ $ 247 $ 324 ====================== ===================== Fixed charges: Interest expensed and capitalized/(2)/ ................... $ 63 $ 63 Estimate of interest within rent expense ................. 22 24 ---------------------- --------------------- Total fixed charges ............................................. $ 85 $ 87 ====================== ===================== Ratio of earnings to fixed charges .............................. 2.9 3.7
(1) Reflected in income from continuing operations before income taxes are losses from our Synthetic Fuel business of $101 million and $49 million, respectively, for the twenty-four weeks ended June 20, 2003 and June 14, 2002. (2) "Interest expensed and capitalized" includes amortized premiums, discounts and capitalized expenses related to indebtedness.